Yeliz Akmaca 
Bitcoin is currently fluctuating within a critical price range. U.S. spot Bitcoin ETFs closed in the red for the third consecutive week. Analysts emphasize that macroeconomic indicators and the maintenance of key technical levels will determine the market’s next moves.
Last week, U.S. spot Bitcoin ETFs saw a total net outflow of $1.1 billion. According to Farside Investors, this was the fourth-largest weekly outflow on record. The outflows contributed to a 9.9% drop in Bitcoin’s price. At the time of writing, BTC was trading at $95,740.
According to Matrixport, this correction signals the emergence of a “mini” bear market for Bitcoin. Analysts note that ETF outflows, long-term investors reducing their positions, and macroeconomic uncertainty make upcoming Federal Reserve decisions a key factor in the market’s direction.
Matrixport stated in a Friday X post, “Our data showed a market losing momentum and lacking the catalysts needed for a sustained rally.”
The platform added, “With ETF flows weakening, experienced investors reducing exposure, and macro conditions offering no immediate catalyst, the path forward remains highly dependent on upcoming policy decisions from the Federal Reserve.”
Critical Levels and Macro Impacts on the BTC Market
The significant outflows from spot Bitcoin ETFs indicate that institutional demand for BTC has slowed in 2025. This situation places the market at a critical juncture for investors. In the coming weeks, whether BTC maintains its support and resistance levels will largely depend on macroeconomic signals and central bank policies.
Meanwhile, spot Solana ETFs have continued to see positive inflows despite the broader market downturn. Since their launch on October 29, Solana ETFs have recorded 13 consecutive days of inflows, including $12 million on Friday. However, Solana’s price dropped 15% over the week. Similarly, Ether ETFs recorded a $177 million outflow on Friday, marking the fourth consecutive day of negative performance, with Ether’s price declining 11% weekly.
Institutional Demand and Investor Behavior
In 2025, U.S. spot Bitcoin ETFs and institutional investments have driven the majority of BTC demand. ETF outflows indicate a loss of short-term momentum and a cautious approach from investors. Analysts predict that investors will reassess their positions and closely monitor whether BTC can gain strength from macro catalysts.
Investors should focus on key technical levels and Federal Reserve policies. The cryptocurrency market is currently at a pivotal point, and upcoming moves will be decisive for both short- and long-term trends.